Alpine Income Property Trust, Inc.

Good day and thank you for standing by. Welcome to the Alpine Third Quarter 2026 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised, today's conference is being recorded. I would like to turn the conference over to your speaker today. Jenna McKinney, please go ahead.

Thank you. Joining me and participating on the call this morning are John Albright, President and Chief Executive Officer, Philip Mays, Chief Financial Officer, and other members of the executive team who will be available to answer questions during the call. As a reminder, many of our comments today are considered forward-looking statements under federal securities laws. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K, Form 10-Q, and other SEC filings. You can find our SEC reports, earnings release, and most recent investor presentation, which contain reconciliations of the non-GAAP financial measures we use, on our website at www.alpinereit.com. With that, I will turn the call over to John.

Thank you, Jenna, and good morning, everyone. We're pleased to report another strong quarter. AFFO per diluted share grew 19.6% over the third quarter of last year, and we invested approximately $41 million at a weighted average initial yield of 8.5%. Our investment activity has accelerated meaningfully this year, including our pending $117.3 million industrial portfolio acquisition, which I'll discuss in a moment. Our closed and under contract investments year to date now exceed $300 million, a company record that surpasses our full year 2025 total of $277 million. As a result of this investment volume, we are raising our full year 2026 AFFO guidance, which Phil will walk through shortly. Starting with acquisitions, during the quarter we closed $39.2 million of property acquisitions at a weighted average initial cash cap rate of 8.5%. Key tenants included a Best Buy in McAllen, Texas, a Lowe's in Fairfax, Virginia, a Dick's Sporting Goods in Asheville, North Carolina, which are all investment grade rated and among our top five tenants by ABR. Year-to-date, we've closed on $85.8 million of property acquisitions at a weighted average initial cap rate of 8%. We continue to target well-located properties we can buy at low basis at attractive initial yield, and we look to selectively recycle lower-yielding properties into new higher-yielding opportunities. Subsequent to quarter-end, we acquired a Burlington in Chandler, Arizona for $7.9 million, and earlier this month announced an agreement to acquire a 13-property industrial portfolio for $117.3 million. are approximately $63 per square foot. The industrial portfolio totals about 1.9 million square feet across 11 states. It is 100% leased to nine tenants on an absolute triple net basis with annual rent escalations. A weighted average remaining lease term of 10.2 years and no expiration before late 2031. While industrial is not a strategic focus, this portfolio stood out for a few reasons. First, it offers an attractive initial yield. Second, the tenant base is diversified and tenants have operated at their sites for an average of 40 years and invested significant capital in them. Third, we believe in-place rents are below market and benefit from annual escalations. We expect to close in the middle of the fourth quarter subject to customary closing conditions. The new financing Phil will discuss gives us ample capacity to fund it. At quarter end, our property portfolio consisted of 130 properties totaling 4.8 million square feet across 31 states with 99.6% occupancy and a weighted average lease term of 8.7 years. Annualized straight-line base rent was $53.9 million. Approximately 68% of ABR comes from credit-rated tenants and 56% from investment-rated tenants. on our commercial loan portfolio received earlier payment in full on two loans totaling $17.9 million and a weighted average yield of 10.2%. At quarter end, the portfolio consisted of 11 loans with outstanding face amount of $160.1 million and a weighted average coupon including pick interest of 13.4%. The loan book is near our target of approximately 20% of total undepreciated asset value. It complements our property portfolio and increases the overall yield on our investments. As a reminder, the timing of fundings and repayments can cause the relative size of the loan portfolio to vary from quarter to quarter. With that, I'll turn the call over to Phil.